Condé Nast is settling a lawsuit brought by two former interns, C.E.O. Chuck Townsend said in a staff memo today.

The lawsuit, "Ballinger v. Advance Magazine Publishers, Inc.," was filed in U.S. District Court in New York last June by Lauren Ballinger and Matthew Leib, who alleged they had been paid below minimum wage for their respective summer internships at W magazine and The New Yorker. About four months later, Condé Nast decided it would discontinue its internship program.

Townsend did not disclose details of the settlement, which, he said, the magazine publisher's lawyers are still working out.

"We believe that settling the lawsuit at this time is the right business decision for Condé Nast," Townsend said in his memo. "The settlement will allow us to devote our time and resources towards developing meaningful, new opportunities to support up-and-coming talent."

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Reflecting on the end of the program, Townsend said, "Our internships were considered some of the best in the industry, providing students with unparalleled learning opportunities outside of the classroom."

Read Townsend's memo below.

Dear Colleagues,

Today, it became public that Condé Nast issettling the Ballinger v. Advance Magazine Publishers, Inc. lawsuit, which was filed last year as a class action by two former interns.

We are, and have always been, extremely proud of the internship experiences that wereoffered at Condé Nast. Our internships were considered some of the best in the industry, providing students with unparalleled learning opportunities outside of the classroom. The training and contacts our interns received at Condé Nast helped many begin successful careers here and elsewhere.

We believe that settling the lawsuit at this time is the right business decision for Condé Nast. The settlement will allow us to devote our time and resources towards developing meaningful, new opportunities to support up-and-coming talent.

As our attorneys are still working out the details of the settlement, we cannot provide any other information at this time. If you are contacted about the settlement or have any questions, please contact JoAnn Murray, SVP of Human Resources.